Major stock indexes ended higher Friday despite ongoing fears about whether Cyprus leaders can secure a bailout for its banking sector before a deadline early next week.

The Dow Jones industrial average closed up 90.54 points, 0.6%, to 14,512.03. The Standard & Poor's 500 index finished up 11.09 points, 0.7%, at 1,556.89, less than 9 points from its all-time closing high of 1,565.15 set in October 2007. The tech-laden Nasdaq composite index ended up 22.40 points, 0.7%, at 3,245.

Investors continue to focus on developments in Cyprus, where the eurozone nation is battling a deadline to secure a bailout for its banking sector. Russia turned down appeals for aid Friday after meeting with Cyprus's finance minister. If the Cypriot government does not come up with a workable plan over the weekend, the nation's leading banks may collapse, and there is widespread fear that it will trigger a bank run on cash deposits in other debt-ridden eurozone nations.

The yield on the 10-year U.S. Treasury note finished Friday at 1.91%, down from 1.95% Thursday. Gold gold prices closed 0.4% lower at $1,607.40 an ounce.

World stock markets recovered Friday from earlier losses.

Separately, Japanese stocks tumbled after the country's new central bank chief, Haruhiko Kuroda, reiterated a pledge to bring Asia's second biggest economy out of deflation but disappointed investors by offering few specifics.

In Europe, Cyprus was scrambling to agree on a plan for recapitalizing its banks and appeared to be returning to an altered form of a plan it rejected earlier this week: allowing depositors to take losses on accounts containing more than €100,000 at its second-largest and most stressed bank, Laiki.

Cyprus's banks have been closed for a week, and the European Central Bank has threatened to cut off an emergency program supporting them if a solution is not found by the end of Monday.

"The ECB has put an impressive literal gun at the head of Cyprus as banks would probably go bust without...(support) once they re-open their doors," said ING economist Carsten Brzeski in a note. "However, it is hard to imagine that the ECB would really be willing to be the one to pull the trigger which could eventually even lead to a Cypriot exit from the eurozone."